5 Easy Ways to Cut Your Organization’s Operational Costs

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5 Easy Ways to Cut Your Organization’s Operational Costs

If the mounting day-to-day cost of running your business has been stressing you out, it’s time to look for ways to cut down your operational expenses, one head at a time.

Here are five ways you can save money and other valuable resources, including your employees’ time, while still running your business the way it should.

Curtail your electricity consumption

Even for a small organization, the monthly electricity bills can run high if you don’t enforce policies that encourage judicial use of electricity.

The best way to go about this is to let your employees know that this is a measure aimed to bring down the company’s power bills and to do your little bit for the environment. Encourage your staff to participate in cost-saving strategies and consider rewarding them with a celebration when savings targets are achieved.

This way your workforce will feel more involved in the whole program and you’ll rarely see a light left on in an empty room.

Outsource digital marketing

You may find it difficult to believe, but hiring a seasoned digital agency to handle your online marketing campaigns can turn out to be way cheaper than having a couple (or more) of full-time employees and overloading them with the complex task of managing various online marketing tools, which they may or may not have the expertise to handle.

So take stock of your marketing expenditure and consider if entrusting this specialist job to a professional digital agency would get you greater ROI and also enhance the performance of your digital campaigns.

Introduce telecommuting to your organization

Telecommuting, or remote working, is a great way for modern-day companies to save administrative costs. If each employee gets to work from home just once a week, the employer not only saves on electricity but also on other unavoidable expenses that are part and parcel of having people working in an office building.

Work-from-home options also boost employee morale and make people more productive. While not all jobs in an organization can be done remotely, a majority of them can be taken home, and changing times call for a change in the way organizations look at work and employee engagement.

Reduce the number of meetings to half

Take a closer look at all the meetings you or other senior executives in your organization attend in a week, and you may be surprised to find that a large number of those meetings could be cut short to half the time they consumed—if not entirely scrapped. Issue strict meeting-related guidelines and establish a culture where managers convene meetings only when they are absolutely necessary.

Huddling together to discuss trivial matters not only disrupts the workflow, it also eats up on your resources, including your and your employees’ time, which when freed up can be used to drive your business forward.

So redefine what a productive meeting means for your company to cut down on needless and superfluous operational costs.

Reduce your printing expenditure

Despite businesses going digital globally, every organization still prints a lot of documents every day and incurs huge costs on printing, from buying paper and cartridges to repair and maintenance of printing devices and storage of printed documents.

Printing and its associated expenses form a significant part of your operational costs, one which can certainly be cut down if you managed your printing processes better. One way to do this is to establish new printing practices that will help save paper and ink and thereby electricity and maintenance costs. Another way is to outsource your printing and document management needs to an agency that specializes in managing print services for businesses.

If you need more convincing, we found some great information on printing costs for business that will help change your perception about this rather large expense which eats up on your cash flow without you even realizing it.

To sum up, aside from the above five cost-saving strategies, there are a number of other ways to reduce your business expenses and use those savings to grow and expand your business. Invite your workforce to brainstorm, take ownership and figure out ways to gradually bring down spending in their respective processes.

From something as insignificant as replacing your toilet paper vendor with a wholesaler to larger measures such as replacing CFL lights with LED lights, every nook of your office will give you something to ponder—if you took the time. You’ll not only save money but also reduce your organization’s carbon footprint.

Editorial Team
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